Legal Question in Real Estate Law in Florida
Who has Majority vote?
In '94 I bought 3rd partner's interest to own 7 moths of a condo. Other partner owns 5.
Agreement:
1. Ownership of condo will be divided by interests. The ownership interests will be defined by the time each of the partners agrees to occupy the unit. The partners have the right to occupy the unit according to the following schedule: Me: Sept - Mar
Other: Apr - Aug
2. Each partner agrees to own the condo in an undivided ownership interest.
3. Each partner will have the responsibility to contribute a prorata portion of the cost of upkeep and maintenance of the unit.
4. It will be the responsibility of the Trustee to propose guidelines and other procedures to be followed by the partnership.
5. The partnership may modify, approve or disapprove any proposal submitted by majority vote.
I'm listed as Trustee in the ''Trust Agreement''. I pay 7/12ths of all fees, repairs, etc.
Do I have ''majority vote''? Recently, without discussion, other partner gave away our 18'' tv and armoir (matched other LR beach-theme furniture) and replaced with 50'' tv with chrome table. He said he didn't need to ask me because his months were more valuable than mine. In 15 yrs, this is 1st problem.
1 Answer from Attorneys
Re: Who has Majority vote?
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Without reviewing your documents, it would seem that the person with the most months would have the greater share. It would also seem that you, as Trustee, would make the decision as to changing or giving away any of the personal property in the unit. You need to meet with a Florida attorney who can read the agreement and give you knowledgable advice regarding your legal rights and obligations.
Scott R. Jay, Esq.
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